‘Work performed’ exclusion in builder’s liability policy does not apply in allegations of consequential damage: Court of Appeal for Ontario
November 9, 2016 by Canadian UnderwriterA “work performed” exclusion in a commercial general liability policy for a building contractor does not apply if a lawsuit against a contractor alleges consequential damage, the Court of Appeal for Ontario suggested in a ruling released Tuesday. Parkhill Excavating…
The Co-operators acquires Assurance Aubin Insurance Brokers Ltd.
November 1, 2016 by Canadian UnderwriterCo-operators General Insurance Company announced on Tuesday that its wholly-owned subsidiary has purchased Assurance Aubin Insurance Brokers Ltd. The brokerage’s portfolio includes personal and commercial insurance policies, The Co-operators said in a press release. Assurance Aubin has locations in Hearst,…
Barely passable grade on flood preparedness demands immediate action: report
October 31, 2016 by Canadian UnderwriterAll 10 Canadian provinces and Yukon are not making the grade when it comes to flood preparedness, signalling the need for change, including not allowing municipalities to override provincial or territorial direction on development in flood-prone areas, argues a new…
Aspen Insurance reports a combined ratio of 93.8% for the third quarter of 2016
October 27, 2016 by Canadian UnderwriterHamilton, Bermuda-based Aspen Insurance Holdings Limited has reported a combined ratio of 93.8% for the third quarter of 2016, up slightly from 93.4% in the third quarter of 2015. Aspen Insurance released its financial results on Wednesday, reporting a net…
Mixed North American commercial insurance market still favours buyers: Willis Towers Watson report
October 26, 2016 by Canadian UnderwriterThe marketplace for property, casualty and other lines of commercial insurance will continue to favour insurance buyers in 2017, particularly those with comprehensive strategic risk management and risk transfer strategies, global advisory, broking and solutions company Willis Towers Watson (WTW)…
Disputed course of construction claim involving LEG exclusion remanded back to B.C. appeal court
October 25, 2016 by Canadian UnderwriterA disputed $14.5-million claim on a course of construction policy, arising from an incident when concrete slabs over-deflected during the building of a hospital addition, was recently remanded by the Supreme Court of Canada to the British Columbia Court of…
Esurance introduces homeowners insurance in Alberta
October 13, 2016 by Canadian UnderwriterEsurance, the online direct-to-consumer insurance company, announced on Thursday that it is now offering homeowners insurance in Alberta. The Esurance homeowners policy offers Albertans comprehensive protection as well as water backup and additional living expense coverage to safeguard their homes,…
Engineering insurers’ working group calls for ‘greater risk dialogue’ on cyber threats
October 4, 2016 by Canadian UnderwriterCyber insurance coverage “should not replace” information technology security measures, and cyber risk can have an effect across engineering projects, the International Association of Engineering Insurers (IMIA) warned Tuesday. “The perception that cyber events do not cause physical damage is…
The Co-operators to provide insurance for First Credit Union clients
October 3, 2016 by Canadian UnderwriterThe Co-operators Group Ltd. announced Monday it “will be the exclusive provider” of property & casualty and life insurance for clients of First Credit Union subsidiaries in British Columbia. Guelph, Ont.-based Co-operators said it will be “exclusive provider for First…
Ironshore adds crisis management endorsement, active shooter extension in U.S.
September 23, 2016 by Canadian UnderwriterIronshore Inc. has introduced a crisis management endorsement for all in-force, stand-alone Terrorism policies as an automatic extension so that insureds can access crisis response specialists following an act of terrorism or an active shooter event at an insured location…
Insurers have untapped opportunity to transform into solutions providers, not just sellers: consumers
September 20, 2016 by Canadian UnderwriterAlmost three-quarters of consumers taking part in a Bain & Company Inc. survey say they would value a platform for providing services well beyond insurance coverage, opening the door for insurers to transform themselves from just sellers into solutions providers.…
Growth in commercial unmanned aircraft systems, UAS, to bring both benefits, new risks: Allianz
September 13, 2016 by Angela StelmakowichThe use of unmanned aircraft systems (UAS) is set to soar south of the border — expected to triple the number of manned aircraft by year’s end — producing new risks that will require insurers to adopt a new view,…